5. The Tuck Company discounted its own 60-day note for $9,000 with the bank on December 20X0. The discount rate was 6%. The bookkeeper recorded the proceeds as a cash receipt at the face value of the note.
6. The bookkeeper records customers’ dishonored checks as a reduction of cash receipts. When the dishonored checks are redeposited, they are recorded as a regular cash receipt. Two NSF checks for $180 and $220 were returned by the bank during December. The $180 check was redeposited, but the $220 check was still on hand at December 31. Cancellations of Tuck Company checks are recorded by a reduction of cash disbursements.
7. December bank charges were $20. In addition, a $10 service charge was made in December for the collection of a foreign draft in November. These charges were not recorded on the books.
8. Check 2540 listed in the November outstanding checks was drawn three years ago. Because the payee cannot be located, the president of Tuck Company agreed to the CPA’s suggestion that the check be written back into the accounts by a journal entry.
9. Outstanding checks at December 31, 20X0 totaled $4,000 excluding checks 2540 and 1504.
10. The bank had recorded a deposit of $2,400 on January 2, 20X1. The bookkeeper had recorded this deposit on the books on December 31, 20X0, and then mailed the deposit to the bank.
Required: Prepare a four-column reconciliation (“proof of cashâ€Â) of the cash receipts and cash disbursements recorded on the bank statement and on the company’s books for the month of December 20X0.
They have a magnificent team. These people are always kind and willing to listen to your concerns or issues. Better yet, your assignment is always ready before the time, they usually send you a draft to double-check before they finalize your paper.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more